Credit Unions Contribute Record Amount to Community Projects

    TORONTO, Oct. 16 /CNW/ - Credit unions across Canada are celebrating
International Credit Union Day and highlighting the more than $35.8 million
they contributed to community efforts last year.
    Across the country each year, credit unions support local services,
community initiatives and sports teams, finance affordable housing, assist
students and reduce or waive service charges for community groups. Last year's
record total was a 3 per cent increase over 2006.
    The seventh annual national survey of credit union philanthropy shows
that credit unions support their local communities with money, services and
time. Credit unions are member-owned financial institutions with a strong
local focus.
    The largest category of support was donations and sponsorships. Credit
unions gave $25.3 million in this area, up about 3 per cent from the previous
year. Credit unions also donated $3.7 million to their own charitable
foundations, handed out more than $900,000 in scholarships and bursaries and
provided $2.8 million in financial services to community organizations,
largely by reducing or waiving service charges for such groups.
    In addition to money, credit union employees volunteered for community
activities and organizations. In 2007, 47 per cent of the credit unions
surveyed said their employees participated in community activities as part of
their paid work and 67 per cent of employees volunteered on their own time.
    A total of 299 credit unions took part in the 2007 Credit Union Community
Involvement Survey. There are 449 credit unions with more five million members
and assets of $109 billion affiliated with Canadian Central.
    Under the theme of It Belongs To Me, credit unions across the country and
around the world are celebrating International Credit Union Day on Oct. 16.
Canadian celebrations are part of part of Co-op Week.

For further information:

For further information: Art Chamberlain, Manager, Media Relations,
(416) 232-3466,

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Credit Union Central of Canada

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